Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,239/mo
Lowest payment- Down payment
- $48,243
- Funds due
- $59,337
- Interest + MI left
- $283,161
- First ends
- Sep 2052
Assumption
Assumption + second
$2,524/mo
+$285/mo- Down payment
- $20,243
- Funds due
- $32,596
- Interest + MI left
- $357,876
- First ends
- Sep 2052
New loan
New conventional
$2,857/mo
+$618/mo- Down payment
- $20,243
- Funds due
- $28,659
- Interest + MI left
- $562,532
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $341,657 | $341,657 | $369,657 |
| Second mortgage | — | $28,000 | — |
| First P&I | $2,015.54 | $2,015.54 | $2,559.43 |
| Second P&I | — | $285.32 | — |
| Mortgage insurance | — | — | $73.93 |
| Taxes, insurance & HOA | $223.17 | $223.17 | $223.17 |
| Total housing payment | $2,238.71 | $2,524.03 | $2,856.53 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$20,243
Closing costs & prepaids$12,353
Usable credit−$0
Total buyer cash needed$32,596
Earnest money paid−$0
Remaining funds due$32,596
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,899.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,708.29
Second-loan charges$1,250.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$219.50
Prepaid interest, first (1 days)$49.14
Prepaid interest, second (1 days)$9.11
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 days of interest to the end of the closing month.
What is left to pay
The seller already paid down the early, interest-heavy years.
Remaining first mortgage at closing25 yr 10 moOf the original 30-year loan at 5.250%
Interest already paid$77,434Through Nov 2026
Assumption only · ends Sep 2052$283,161
Assumption + second · ends Sep 2052, second Dec 2056$357,876
New conventional · ends Dec 2056$562,532